Chemistry? Memorize? For subjects such as Chemistry, Physics, and mathematics, you would have memorize
and understand some set of laws/rules, but the rest you should be able to do it with logic, problem-solving I mean, I think ~!! And besides, you should not cram all the exam material in one day. That's bad, unless if you are fast learner, which I am not.
[.....] Do you mean that you don't know how to meditate, or that you didn't think meditation could help you in pursuit to ace an examination?

I generally meditate daily, and it seems to generate mental composure, so it surely helps one to remain calm during exams, and thereby help one to not forget during the time when the exams are being passed out.
I believe that meditation helps!
REM stands for Rapid Eye Movement. From what I learned in my psychology class, REM sleep is essential for memory consolidation [to strengthen and/or to make solid], and for proper neuronal development! Apart from that, other things have already been said in Len-sami's post.
How much is actually too much sleep?
That I think is sort of relative. According to my Master, whom I miss very much, sleep over 6-7 hours is your ticket to be born as a bear in your next life. Haha! I think 6-8 hours of sleep is normal, and anything over that is doing it too much, excluding babies and really old people, of course!
~!!!!! To feel lethargic means to be sluggish or feel lazy. You know, that feeling you get when you sleep too much. As to your other question, I have seen it help many people, but all that depends of your style and study ethics, I believe. I myself don't do that sort of stuff, but what I do is, carry a slate or a notepad with a bunch of blank sheets of paper, and practice as many problems I can... That's about it. I generally don't take much notes in class. Mostly, I either pay close attention in class and read the text book later, or photocopy my trusted friend's notes.

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